IPL Trouble for Shahrukh Khan: ED summons Bollywood actor; here's why

Mumbai, Oct 27: The Enforcement Directorate (ED) summoned Bollywood actor Shahrukh Khan once again. This time the Enforcement Directorate is seeking to know if the shares of the Kolkata Knight Riders (KKR), IPL team sold in 2008 were undervalued.

The investigation by the Enforcement Directorate to this effect is trying to ascertain the alleged undervaluation of the shares and if proven it would be an offence under the Foreign Exchange Management Act or FEMA.

Shahrukh Khan

In this connection the ED has issued notices to co-owner of the team, Sharukh Khan. It has been alleged that the team, which is also owned by Juhi Chawla and her husband Jay Mehta, violated the norms under FEMA.

It is alleged that shares were sold to a Mauritus company in 2008 and the same was undervalued.

No time frame has been given for Khan to appear before the ED.

Officials say that he has sought time since he away on some assignment. Once he is back he will appear before the ED, officials also informed.

The last time the ED had issued notices to a member of the management in connection with the case.

Khan had also been questioned in 2011 after it was alleged that money had illegally come into the cricket league from foreign tax havens during the second season.

Khan was told to submit relevant documents in this regard which included purchase of players, revenue and advertisement related details and also the share holding pattern.

OneIndia News

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